Home » Is CBN Scrapping ATM Cards? – Project FactCheck Nigeria
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Is CBN Scrapping ATM Cards? – Project FactCheck Nigeria

Recently, an online platform posted a story that the Central Bank of Nigeria is set to scrap the Automated Teller Machine (ATM) cards.

The post, with the title “CBN set to scrap ATM cards, others, unveils National Domestic Card scheme,” suggested that the decision will take effect with the introduction of a National Domestic Card Scheme, which is set to be effective on January 16, 2023.  

This claim is false, here are the Facts:

Checks show that CBN did not at any point pronounce the scrapping of ATM cards despite the introduction of the domestic card scheme, which is supposed to take effect from January 16th, 2022.

This check also shows that the explanation given by the bank for rolling out the domestic card scheme is to promote stability, inclusion, and growth in the financial and payment system.

The scheme, according to the CBN, will be delivered through the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, which is the country’s central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders.

According to the CBN Director, of Corporate Communications, Mr Osita Nwanisobi Nigeria is ideally positioned to successfully launch a national card scheme.

Conclusion 

There was no point in time that the CBN hinted at scrapping ATM Cards, as such, the claim is False.

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